Igi Laboratories Announces First Quarter 2014 Results

BUENA, NJ - (PR NEWSWIRE)  IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based topical generic drug development and manufacturing company, announced its financial results for the first quarter ended March 31, 2014.


Total net revenues generated from the sale of IGI label generic topical pharmaceutical products for the
three months ended March 31, 2014 were $2.9 million, an increase of 108% over the same quarter in
2013


Gross profit for the period ended March 31, 2014 grew to 42% as compared to 30% in the same period
of 2013


Net income was $0.2 million in the first quarter of 20
14, compared to a net loss of $0.3 million in the
same period in 2013

IGIs President and Chief Executive Officer, Jason Grenfell-Gardner, stated, The first quarter represents a strong start to our year of transformation. We received our first ANDA approval for lidocaine hydrochloride USP 4% topical solution in March. This was a huge milestone for IGI, and validated our organic research and development expertise. On the financial front, we increased total revenue 86 percent over the same quarter last year, and improved margins to end the first quarter of 2014 with a gross margin of 42%, compared to 30% one year ago. As promised, we maintained profitability in the first quarter of 2014, even though we significantly increased our expenses related to research and development. We continue to expect to file at least ten ANDAs in 2014, and we have accelerated our R&D efforts in order to meet our commitments. Mr. Grenfell-Gardner continued, We continue to expect revenue to increase between 40% and 45% over 2013. We are committed to sustain profitability in 2014, even though we plan to at least double our spending in research and development in 2014 over 2013.
The Company will hold a conference call today at 4:30 pm ET to discuss first quarter 2014 results.
The Company invites you to listen to the call by dialing 1-866-515-2913. International participants should call 1-617-399-5127. The passcode for the conference call is 66700649.
This call is being webcast by NASDAQ OMX and can be accessed at IGI's website at www.igilabs.com.
The webcast is also being distributed through third party distribution channels, including the StreetEvents Network operated by Thompson Reuters (Markets) LLC and its affiliates.
1
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31, 2014 and 2013
(in thousands, except shares and per share information)
(Unaudited)
2014
2013
Revenues:
Product sales, net
$
6,383
$
3,467
Research and development income
313
159
Licensing, royalty and other revenue
157
57
Total revenues
6,853
3,683
Costs and Expenses:
Cost of sales
3,987
2,575
Selling, general and administrative expenses
1,282
679
Product development and research expenses
1,365
658
Total costs and expenses
6,634
3,912
Operating income (loss)
219
(229)
Interest expense and other, net
(52)
(28)
Net Income (Loss)
$
167
$
(257)
Basic income (loss) per share
$
0.00
$
(0.01)
Diluted income (loss) per share
$
0.00
$
(0.01)
Weighted average shares of common stock outstanding:
Basic
46,826,733
42,933,146
Diluted
48,529,603
42,933,146
2
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share information)
(Unaudited)

IGI Laboratories is a developer and manufacturer of topical formulations for the pharmaceutical, OTC, and cosmetic markets. Our mission is to be a leading player in the generic topical prescription drug market.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. IGI Laboratories next reports earnings on April 29, 2014.